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· Posted on
February 21, 2024

News Corp has seen its earnings drop by 75% in a changing-of-the-guard moment

News Corp just announced its results for the last quarter and it's fair to say, it's been whacked.

What's the key learning?

  • News Corp has seen a 75% drop in its earnings over the last period and the major culprits are its book publishing division and pay tv division.
  • News Corp's latest results highlight a major changing of the guard for its business.
  • The two areas that battled hard were the ‘old guard’ businesses. Think: book publishing down 54% in revenue and pay TV like Foxtel seeing a decline in subscribers.

👉 Background: News Corp is the mass-media company controlled by Rupert Murdoch. It owns publications like the Wall Street Journal and publisher Harper Collins as well as The Australian newspaper and a large chunk of Foxtel and REA Group too.

👉 What happened: Now, News Corp has just announced its results for the last quarter and it's fair to say, it’s been whacked. We’re talking a 75% drop in earnings over the last period.

👉 What else: The major culprits: its book publishing division thanks to reduced orders from Amazon and its pay tv division (think: Foxtel). But there were some silver lining.. particularly in its streaming businesses.

What's the key learning?

💡News Corp is a tale of two types of businesses - and a tale of two different financial results. The latest results highlight a major changing of the guard for News Corp's business.

💡The two areas that battled hard were the ‘old guard’ businesses. Think: book publishing down 54% in revenue and pay TV like Foxtel seeing a decline in subscribers.

💡The divisions that stormed ahead were the newer, digital products, like digital subscriptions and streaming services like Kayo and Binge.

‍

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All information contained in the Flux app, www.flux.finance, www.joinflux.com, app.flux.finance and any podcast of Flux Media Pty Ltd (ABN 27 639 804 345) is for education and entertainment purposes only. It is not intended as a substitute for professional financial, legal or tax advice. Flux Media Pty Ltd is the owner of the registered trade mark, 'What the Flux'. While we do our best to provide accurate information on the podcast, we accept no responsibility for any inaccuracies that may be communicated.
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